Brief Summary of Minutes of Annual Meeting

March 17,2007 Orange Beach, AL 2006-07 Committee Officers: Committee Chair: David Just, Cornell University; Program Chair: Holly Wang, Washington State University; Incoming Program Chair: Dmitry Vedenov, University of Georgia; Administrative Advisor: Dan McLemore, University of Tennessee Robert Taylor will place the presentation slideshows from this years meetings on the meeting website. Scott Fausti agreed to post the proceedings papers on AGECON SEARCH. Dan McLemore, the committees administrative advisor, provided a brief report. He indicated that the exchange of ideas at the meeting had a large value. Dmitry Vedenov was elected as the incoming program chair. Holly Wang will serve as committee chair for next years meetings. It was decided to meet the week of March 13th through 15th in 2008. General feedback was sought on the accommodations and location. A general interest was expressed in returning to the same location next year, barring a major hurricane.

The SCC-76 annual meeting on the economics and management of risk in agricultural and natural resources was held at Orange Beach, AL. The goal of the program was to facilitate discussion of ongoing research activities related to risk in agricultural and natural resources decision-making. The program consisted of 15 presentations. After each presentation, ample time was allowed for discussion and feedback from meeting participants. Holly Wang organized a stimulating program including diverse works examining risk in agriculture. A major focus of the works included the calibration and performance of existing and potential Federal Crop Insurance Corporation products, including their application to organic products or fisheries. Other work examined production risk trade-offs and efficiency, how individual perceptions of risk may be assessed, the introduction of sophisticated statistical techniques for modeling related risks, the affect of aging on risk taking and investment behaviors, production tournament contracts and issues in economic modeling and estimation of risk behavior related to agriculture. Presentations were as follows: Representing Risk Preferences in Expected Utility Based Decision Models Jack Meyer, Michigan State University Is Consistent Estimation of Risk Preferences Possible using Revealed Preference Data? David R. Just, Cornell University Richard E. Just, University of Maryland Experimental Approaches to Evaluate Alternative Expert Opinion Elicitation Procedures Zhijun Yang, Purdue University Keith H. Coble, and Darren Hudson, Mississippi State University A Multivariate Evaluation of Ex-ante Risks Associated with Fed Cattle Production Eric J. Belasco, Barry K. Goodwin, and Sujit K. Ghosh, North Carolina State University An Overview of Copulas and Other Recent Developments in Modeling Joint Distributions with Unrelated Marginal Distributions and Asymmetric Upside and Downside Joint Relationships Joseph Atwood and David Buschena, Montana State University The Effect of the Coefficient of Variation Assumptions on Yield Risk Simulations Ardian Harri and Keith H. Coble, Mississippi State University How Risk Tolerance Changes with Age and Life Events: Empirical Evidence using U.S. Panel Data Bidisha Mandal and Brian E. Roe, Ohio State Univesrity Incorporating Risk in Crop-Livestock Diversification Efficiency Analysis Saleem Shaik,Mississippi State University Michael R. Langemeier, Kansas State University Sources of Dairy Farm Business Risk to Determine Opportunities for Insurance and Other Risk Management Products Hung-Hao Chang, Taiwan National University Richard Boisvert and Loren Tauer, Cornell University Risks and Risk-Shifting in Contract Poultry Production (Tournament, Lottery, or Rigged Lottery?) C. Robert Taylor, Auburn University Current Issues in Crop Insurance Richard Anderson, USDA Risk Management Agency Developing Actuarial Premium Rates corroborated by Willingness-to-Pay Analysis Saleem Shaik and Keith Coble, Mississippi State University Production Risk and Crop Insurance Effectiveness: Organic Versus Conventional Apples Xiaomei Chen and Holly Wang, Washington State University

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